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20121201
20121231
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CNBC 28
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English 30
Search Results 0 to 29 of about 30 (some duplicates have been removed)
from becoming greece. no more borrowing without addressing why we're in debt to begin with. that's where the real chance for change occurs, at the debt ceiling debate. >> we're joined now by ralph sill voe. it's christmas eve. do you have some plans to do? >> it's an austerity christmas, actually. just a couple friends getting together and a couple of friends getting together and having a nice meal. >> it is not an austerity christmas. >> it actually is. we haven't had the greatest year. everything we hoped would happen. we thought this economy was going to turn around at the summer period. >> ralph, if you take a look at the stock market concerns, the dax is up 20%. >> there will be plenty of alcohol to forget. >> do you think we're going to manage to see some type of a resolution on the fiscal cliff? we're seeing a lot of finger pointing now and hearing from both sides saying it's in the other side's interest to delay these negotiations. >> i've had conversations with people in new york and working on trade floors. what i've been told by them is there is a huge number of meetin
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
risk at the moment? we'll keep giving greece money because we can't afford not to. we're still waiting maybe for the ecb to step in. what is the till rask? anything we didn't know about? >> lots of things we don't know. that's the problem. it is the unknown unknown as they say. i think greece is probably too small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan
. there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to the old days where you keep lowering your currency and you pay relatively high rates on your debt. so the appeal of the euro in the beginning was, oh, chief debt. it looked like christmas. now we're discovering that that regime, a ten-year regime where many peripheral countries got hammered. only germany sort of really held it together. now we have to look at how to undo this. for countries who have no ambition about their future, then maybe the policy is the way to go. italy had so many things going for it that falling back, that seems almost -- >> how about the service in the g-7. >> italy is two countries. it's
to the trading day. investors are waiting for the results of greece's bond buyback program occurs. joe has some of the big corporate news and this one is actually a global corporate story. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict the whole institution or what happens systemically. >> is this your sequel? >> i was on the phone last night. one of the two publishers that
'll lose everything we know as america if we don't fix entitlements. we're becoming the greece of out-of-control spending. [ ♪ dramatic ♪ ] >> it in no way does that. >> stephanie: shut down that argument. the spending graphs of who -- >> nonsense. >> also, greece is falling apart because of the austerity programs implemented by the inf and the world bank. >> stephanie: we have references on that. they're wrong wrong wrong on everything. [ wah wah ] >> stephanie: i'm flabbergasted how wrong they are. 17 minutes arrive the hour. you know what else flabbergasts me? being able to carbonate soda in 90 seconds. >> my friend had a soda stream. i got to do it. it is amazing. >> did you karate chop? >> no but it is amazing seriously. >> stephanie: you're such a sad little man. >> i don't get out much! >> stephanie: new way to enjoy great-tasting soda made fresh at home. >> i'm flabbergasted. >> stephanie: flabbergasting how good it is with bourbon. you can make it fresh at home. everybody loves a soda s
rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rate
of trying euro trend. >> that's fine. >> misery loves company. we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms. the market is not telling the u.s. to tighten fiscal policy. it's telling the u.s. to borrow some money. >> can you make sure we only do things -- we're not going to fill high speed rail lines between cities no one wants to travel to? >> if you spend a billion dollars i can't guarantee that every last cent of it is going to be spent properly. >> how moan solyndras will be in that balance? >> only two. >> you have to deal with the issues that krugman never deals with. i love the explanation we should spend spend spend. what happens when interest rates rise? two is you're talki
this year were things that didn't happen. no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the markets can lift but right now the view is for a nothing market from here till year end. once the sea
, the worse is finally past, there's some hideous headline out of greece that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere sometime something will go wrong. i'm not saying you should be a super skeptic permabear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watch the market make people way too much money to ever be too cynical and close-minded. being negative all the type has not historically been a lucrative strategy, and i don't see any reason why that should change. there are a handful of incredibly professional short sellers, hats off, able to turn pessimism into profits but i don't recommend trying to follow in their footsteps at home. i never recommend s
towards greece and european decline. we all know and both parties recognize a resolution to medicare liabilities has to be part of a solution. >> give me one idea you would be ready to sign onto today that would significantly reduce medicare spending. >> we've already passed such a solution in the house. last year we passed legislation that would reform medicare. the budget paul ryan, chairman of the budget committee put forward, passed it to the house, senate hasn't passed a bunl in 1,000 days. we weren't able to get them engaged on that topic. that proposal able to bend the cost curve in medicare, put us toward the budget and preserve medicare exactly the way it is for current retirees. that's the balance you have to strike. that legislation struck a balance of 55 and above keeping medicare exactly the way it is and making changes for those in their 20s and 30s and 40s. most people i talk to in those groups understand we've got to reform medicare to save it and balance the federal budget. >> congressman, good luck to you. hopefully we'll see you on the other side of a deal. sue. >>
is the ism number weakened the market baltimore than the fiscal cliff propped up by greece. tech has not had a very good run recently. up today, dell got an upgrade at goldman. sharon talked about gold. it may be that gold has not done too bad this year but gold stocks are not outperforming. again today they are on the downside. this has been a year of buying gold, not so much buying gold stocks. really, you go back to 2004 when you could buy the gld for the first time, then you could suddenly have an alternative to owning gold stocks. before that, that was the only way you got the gold. >>> to the nasdaq now. seema mody is there folth big movers. >> we're flat on the day. one unusual mover, deckers outdoor is the maker of ugg boots. stern upgrading from buy to neutral citing new product offerings could help the company next year. the stock up 8%. apple also a bit higher by .6%. the company announced this morning thatle iphone phone will be available in south korea on december 7th with more than 50 additional countries being added in december including brazil, russia and taiwan. trying to ca
heard it compared to the fiscal crisis in greece, 63% had heard it. in that number 36% had read a lot about it or heard a lot about it. do they believe a solution is likely? our numbers different from other poles. americans are more optic. first of all see what they think, unlikely 73% back in november when we asked about the debt program would there be an agreement, 73% saying that, now 44%. the number you want to think is 4% to 44% thinks a solution is likely. who thinks it's likely, that's interesting and driving this number. he can break it down by party. look at what we find, republicans 52-42, independents, i come back here, there we go, independents 47-32 and it's really what you see here 60% of democrats think it's unlikely. i just want to show you again when we get to the issue of 48% to 44% believing it's likely, it's mostly different by democrats. we it break it down further into what people expect, what kind of solutions work? think of this chart as the politician's guide to solving the fiscal cliff and remaining in office. the net percent acceptable minus the percent that
. that something has to be growth and i still don't see how europe has a plan for more growth. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval
at the currency and isolation. >> steven, stay there. selling 1.3 billion euros in three-month t-bills for greece. the bid to cover ratio, 1.73%. this allocation did include a 30% noncompetitive tranche. in other central bank news, it's been quite a busy day on that front. the central bank says use the repo rate holing at this level in the coming year warning the recovery is taking its toll on the economy. >>> and in australia, the rba eps's decision to lower rates appears to find a close one. central banks included keeping the rates on hold. still, policymakers were more concerned by more than expected slowdown in mining and investment. and japan's prime minister elect has told the country's central bank to consider adopt ago 2% inflation target. shinzo abe made the claim today. the bank is expected to cut borrowing costs at its rate setting meeting this week. steven, in light of all of this news, kind of goes back to the point that we were just making, that are a lot of central banks trying to use interest rates effectively as a way to depress the value of their currency even though we're seein
can be a bit less worried about greece next year than we can be this year, for example, as well as in spain the government is considering a variety of reform efforts. indeed, despite the exchange in governments we had this year, it's the french deposit. when we look at it in aggregate, i think the tailwinds are starting to overcome the headwinds. the headwinds are still going to be there. the fiscal one is very important. there are still going to be risks on the european side. there's still the geopolitics which, of course, we can't ignore here. but in aggregate, i think those tailwinds are starting to get more traction and that's particularly becoming true in the u.s. housing market. >> what's interesting to that point is that we're coming to a year where even some of those concern are going away. central banks are starting to get extraordinarily accommodative. i wonder if their measures haven't been too back end loaded. certainly when you look at japan, it has pursued cycles earlier and had more impact. what about the sense ta whether it's the fed, whether it's the bank of jap
there are two that we're watching for american investors. one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lot of these markets in e
than greece, more than spain. but conversely, china, if gdp is coming back, they are in what many consider to be a sweet spot. >> the numbers came out saturday for china. i think italy has been remarkably good. so this was a big game changer. italy had been a part of the good story of european recovery. now it's back. >> all to monti was never intended to be there for the long term. >> sure. >> in fact, he may be leaving a month earlier than originally planned. this should not be a surprise in the larger context. while we may mention berlusconi's name right now, he's not expected to win. >> look, we knew that monti was successful. >> it may be whoever follows him is going to roll some of the gains that he's had. so-called gains. >> that's going to cause ripples here. look, on saturday night, i said, we're going to have a nice opening. china's good, people know that monti is not really going to hurt italy. i think if china continues the momentum, but the number -- >> the ex sports were less than expected in the month of november. which is a concern. then there's this perverse glass
with greece. the buyback has gone through. they've raised over 31 million euros -- billion euros at face value. it would appear they had to pay more to get the debt off the u.s. hedge funds and the greek banks and everybody else. therefore they're short by about 450 million euros on their targets. eurozone conference call is about to start with the finance ministers to sort out exactly what they do. in general terms around europe today there is optimism. you'll see that in this close. europe shutting down. >> the european markets are closing now. >> remember yesterday and all that concern we had about where italy might go with the resignation of mario monti. greece is higher. por sh gal is higher. spain is higher. it's a good day for -- investor sentiment.strongly it was revealed today. optimism over what the fed is going to do in the united states tomorrow. optimism there will be a deal on the fiscal cliff. you have optimism that the recapitalization of the banks is going to be delayed by another year according to the bank of italy. and you have optimism as well on mar of election promises as
's who -- >> and pay everybody more money. >> they can buy stuff and go back on vacation in greece and all that stuff. >> do we count -- i'm getting -- there's nothing like this to get the twitterers going wild. 1-1-1 is -- 1-1-2001 -- >> 2001? >> yeah. >> yeah? >> 2101. >> yeah? >> less than -- >> you got a zero in there. >> less than 100 years. >> but it's 1-1-1 -- >> but 01 you'd write it probably. >> you would want to get to ten 10-10-10. 10-10-2110. i had someone call me dummy and say -- >> you? >> yeah. said it's 988 years. then he called me a dummy. i tweeted back to the guy, i'm the dummy? i'm the dummy? 988 years? i'm the dummy? the fed is meeting today -- i admit it, i resemble that remark. you're with me, pal. the fed is meeting to discuss whether operation twist will expire at the end of the month. and jerry webman is here. >> i showed up. >> chief economist. >> and union member. >> a unionyist. >> honorary union member. so is leaseman actually. maybe you can -- >> the president -- >> maybe -- you probably with -- >> workers fly i guess. we are strong, solid, more than
. this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus moves into the start of next year, a cou
of greece. we saw these up in the range of better than 8% earlier. now in the range of 5% to 8%. again, if you look at the levels, you see we're snapping up from low valuations generally speaking. it doesn't take a lot at 63 cents to get an 8% move. >>> quick look over here if you want to take a shot of the wall behind me. it is green for the most part. and greece's borse is one adding 2% today. we're seeing that reflected across the bond space. portugal for example seeing ten-year yields falling. same for spain and italy. the boreses and footy 100, the xetra dax, this has been the outperformer up in the range of 30%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll get the bank of japan's decision tomorrow. but this comes on the day when, remember, it's on t
legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >> i think he was the bad kid growing up. >> and, anyway, with that out of the way and the world hurdling to an end tomorrow, still to come, if you want to know whether or not you should be optimistic about a fiscal cliff deal -- >> oh, draco malfoy. >> oh, yeah, the young bad kid? >> the blond kid. >> he was so good he was bad. check out the markets on any given day and we're going to do just that. tell what's happening with the fiscal cliff. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and
is considered crucial for greece's efforts to resolve the financial problem. >>> and the european union has fined tv and computer monitor makers about $2 billion saying those companies fixed monitor tube prices for a decade which ended in 2006 talking about companies like philips, lg, and panasonic among the companies fined. philips, which was assessed the biggest chunk of the penalty says it will appeal the ruling. >>> and mortgage applications rose 4.5% last week according to new figures from the mortgage bankers association. most of the increase was accounted for by a rise in refinancing activity. >>> all right. the dollar hitting a six-week low on uncertainty about whether a budget deal would be reached. meantime, oil continues to trade below $90 a barrel. joining us this morning, chief market strategist at worldwide markets. also kevin book who is managing director at clear view energy partners. and joe, let's start off talking about the dollar. i can't make heads or tails of why the dollar is under so much pressure. i know things are bad here, we're worried about the fiscal cliff. but
, a finance ministers' meeting is beginning, which they will say, look, greece, we will make up the half billion that you're short on the bond buy-back. a deal is a deal. and this month, 34 billion euros will flow from bailout funds into the greek banks to recapitalize them. more importantly perhaps, tomorrow we go into a full meeting of all 27 heads of state of the european union. germany is back down. looks like we have a deal on banking union. the ecb will supervise all banks presumably in the euro zone. that means the ecb will be able to directly tap into those bailout funds and recapitalize the banks, plugging in across the euro zone. this is hugely important in building those firewalls against contagion. the result of the stock market is that you continue to get gains. the top 50 blue chips in europe is the white line. the dow jones industrial average is the yellow. this is a chart since the results of the election. as we are mired in the fiscal cliff here, they've been able to make almost 4% gains on their top blue chips. meanwhile, also worth mentioning that, after the sell-off w
a year. the equivalent of about $55,000. the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce -- >> guy runs -- >> you know. >> no 16 ounce anything over that in sugared drinks. comments, questions about anything you see here on "squawk," e-mail us at squawk @c in.com. you can also follow us on twitter @squawkcnbc. still to come this morning, john mcafee. in the flesh. well he won't be here but on camera. in his first interview since arriving back in the states. an interview you've got to see. plus. have you seen these? want to know how to use them? one of the new ways retailers are hoping to win over consumers. we're going to explain qr codes. the bar code guy died yesterday. can i help you? i heard y
side not the call side. they basically said to me, hmm we're not concerned about greece. we're not concerned about the economy. why don't you have these put calls they're really almost for free. we bought puts so we didn't have a loss in that drawdown. then we listen again. and we didn't have to -- again, we don't have to be that smart. okay. we're not that smart. again, we get into the next time, and draghi is talking about this, that the other, talking about this put and boy he did. he gave away this put. people not listening to it. you know what we did when we heard about that? we got invested. and that worked too. then we got into this election and said boy doesn't look like the market is going to be happy about this election, because obama is going to win. whether or not that was right or wrong, and they're going toish concerned about the fiscal cliff. we took down our position again. now when the market went down again, we said, okay, what are we going to do now? hmm, they're giving away call puts. call premium now. call premium traded really cheap. what should we do?
leverage to turn the country around, prevent it from becoming greece and save social security and medicare. >> as a practical matter no matter what congress and the white house do before the end of the year it is already too late for most employers to accurately withhold taxes from the january pay checks unless there is no change so workers will feel immediately for example that 2% hike in social security taxes in those first january pay checks. carl? >> i hate to work in an accounts payable department over the next couple weeks, hampton. it is going to be kind of nutty. thanks so much. hampton pearson in washington. procrastinators across the country are hitting the malls today to take advantage of the last-minute sales. find out which retailers are going to benefit the most. but first, rick santelli is working on something for a little later on. rick? >> and probably about a dozen minutes of course we'll come back and have a guest and who would be the perfect guest on a christmas eve where there is so much going on in the world of finance, politics, of course you must have guessed it. ir
approaches greece-like levels. and they went so far as to bond out their debt service. issuing bonds to pay their interest and that is just a true muni bond person. that is like a knife in the heart, pain. >> don't go anywhere. stick around for the rest of the hour. thank you for being here on this holiday. >> glad to be here. >> what are you looking at? >> nothing. >> the red. >> it's like orange on camera. >> it is a little orange. >> is this a holiday? you keep saying that. >> we've been doing all sorts of holiday things. really? >> so it is the holidays? >> yes, it is. >> i've got to get with it. anyway, coming up, how much you pay for something online could depend on where your computer is located. first, though -- >> i know. attention, boys and girls and santa fans everywhere. in a holiday tradition in north american air space defense demand or norad is ready to help you track the jolly old elf and his reindeer. the funniest line in vacation, the movie, christmas where they're at the dinner table and clark says that santa has been spotted coming across the border up north. and his cou
Search Results 0 to 29 of about 30 (some duplicates have been removed)